20VC: Figma, Scale, Wiz: Inside Index's Decacorn Factory | Decision-Making, Investment Process, Biggest Lessons, Biggest Misses | Why Gross Margin is a Fallacy at Seed | Never Turn Down a Deal on Price with Martin Mignot, Partner @ Index Ventures

beware of gross margin in the early days. And I think that's a mistake we've made a couple of times. You have a lot of businesses that in the early days have really bad gross margin. All the LLM providers were, you know, very clear examples of that. I think if that's the only thing that's holding you up, in most cases, I would totally ignore it.

We never pass and we never lose a deal or or pass on the deal because of price in the early stage. So we've been around for 30 years. We've invested, I think, 11 and a half billion dollars. We've returned, I think, about close to 30 and we still have, you know, 20 plus in, you know, in in in holdings. Most of that is concentrated in eight, nine companies.

Uh, and we've invested in close to 400 companies over the years. You are listening to 20 VC with me, Harry Stebbings. Now, I first met this guest nine years ago. Their fund has been flying for the last six to 12 months. I mean, oh my god, they sold Wiz for 32 billion, they sold Scale for 14.9 billion, they IPO'd Figma as the largest investor.

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